Introducing the North Carolina Award of Excellence in Financial Reporting and Compliance

Introducing the North Carolina Award of Excellence in Financial Reporting and Compliance

The Office of the State Auditor (OSA) is proud to launch the State Auditor’s Award of Excellence, a new recognition for state entities that demonstrate exceptional discipline, accuracy, and transparency in preparing their annual financial statements and federal compliance audits.

The award is applied to all state agencies, universities, community colleges, and other public entities that meet the highest standards of fiscal accountability, ensuring timely, accurate, and clean financial reporting with no deficiencies or delays. To earn the State Auditor’s Award of Excellence, an entity must meet the following criteria:

·       Timeliness: OSA must receive the entity’s unaudited financial statement package by the deadline established by the State of North Carolina Office of the State Controller (OSC).

·       Adjustments: Upon completion of OSA’s financial statement audit of the entity, there must be no record of any significant audit adjustments made.

·       Findings: Upon completion of OSA’s financial statement audit, there must be no record of any audit findings (significant deficiencies, material weaknesses, or other findings required by auditing standards).

·       Process: Throughout OSA’s audit, there must be no record of any audit delays. The entity also must not be under any investigation by OSA, and there must be no record of any noncompliance with laws. Furthermore, the entity must not be under any financial/going concern issues.

Recognizing Fiscal Year 2024’s Inaugural Recipients

For Fiscal Year 2024, 27 state entities received the State Auditor’s Award of Excellence. We congratulate these leaders and look forward to celebrating even more North Carolina entities that rise to this standard in the years ahead. See the official memorandum here.

Financial Statement Audits

·       North Carolina Department of Revenue

·       Isothermal Community College

·       Lenoir Community College

·       Sampson Community College

·       Wilkes Community College

·       North Carolina Ports Authority

·       UNC School of the Arts

·       UNC – Chapel Hill

·       NC State University

·       UNC – Greensboro

·       UNC – Charlotte

·       UNC – Asheville

·       East Carolina University

·       Western Carolina University

·       Appalachian State University

Single Audits

·       NC State University – Statements of Financial Accounting Concepts

·       Fayetteville State University – Statements of Financial Accounting Concepts

·       Fayetteville State University – Higher Education

·       Isothermal Community College – Statements of Financial Accounting Concepts

·       Wilkes Community College – Statements of Financial Accounting Concepts

·       North Carolina Community College System – State and Local Fiscal Recovery Funds

·       North Carolina Office of State and Budget Management – Coronavirus State and Local Fiscal Recovery Funds

·       North Carolina Department of Public Instruction – Child Nutrition Cluster

·       North Carolina Department of Public Instruction – Student Support and Academic Enrichment

·       North Carolina Department of Agriculture – Food Distribution Cluster

·       North Carolina Department of Agriculture – Child Nutrition Cluster

·       North Carolina Department of Information Technology – State and Local Fiscal Recovery Fund